AFC Gamma Announces Special Dividend Of $0.15 For Spin-Off Of Commercial Real Estate Portfolio; Distribution Is Expected To Occur Prior To The Opening Of Trading On July 9, 2024, And Shares Of Suns Common Stock Will Begin Trading On Nasdaq Under The Symbol "SUNS"
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AFC Gamma, Inc. (NASDAQ:AFCG) announced a special dividend of $0.15 per share in relation to the spin-off of its commercial real estate portfolio into a new publicly-traded REIT, Sunrise Realty Trust, Inc. (NASDAQ:SUNS). The distribution is expected to occur on July 9, 2024, with a record date of July 8, 2024.
June 27, 2024 | 8:38 pm
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POSITIVE IMPACT
AFC Gamma is spinning off its commercial real estate portfolio into a new REIT, Sunrise Realty Trust, and declaring a $0.15 special dividend. This move could attract investors looking for dividend income and those interested in the new REIT.
The special dividend and spin-off are likely to attract investors seeking dividend income and those interested in the new REIT, potentially driving up AFCG's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Sunrise Realty Trust, Inc. will begin trading on NASDAQ under the symbol SUNS following the spin-off from AFC Gamma. This new REIT could attract investors interested in commercial real estate.
As a new REIT focused on commercial real estate, SUNS is likely to attract investor interest, potentially driving up its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100